NewsClickng can authoritatively report that billionaire Femi Otedola, has acquired the majority shares in FBN Holdings, owners of First Bank of Nigeria Limited.
Otedola reportedly took over the bank with the acquisition of about ₦30 billion worth of shares, making him the single largest shareholder of the bank.
Otedola, being the largest shareholder, holds the highest voting shares, giving him power to dictate the direction of the bank through his voting power.
According to sources who spoke to this news platform on the subject matter, FBN holdings will soon make a public announcement on the historic purchase of the company shares on the floor of the Nigerian Stock Exchange by Otedola.
It was gathered that Otedola has been acquiring the shares of the bank through a vehicle, Calvados Global Services Ltd. It is also likely that there could be other vehicles associated with Mr Otedola who may have also been mopping up shares.
FBNH currently has 34.7 billion of its shares floating freely meaning it is held by diverse shareholders. This makes the shares easy to acquire on the stock exchange.
The latest audited account of FBN Holdings does not have any shareholder with up to 5% of the ownership of the banking behemoth. Nairametrics understands Mr Otedola, through his proxies and investing vehicles, now owns over 5% of the bank, setting himself up to be the single largest shareholder of the bank.
It was gathered that Otedola decided to take over First Bank Nigeria because of the internal crisis rocking the bank.
The crisis, a tussle for control of the bank was between the then major shareholders, one block led by Oba Otudeko, who was the chairman of FBN Holdings’ board, and Mr Adenuga, who later emerged as one of the biggest shareholders in the bank.
Recall that Mr Otudeko and Ibukun Awosika, his ally on the board of FirstBank of Nigeria Limited, were removed from their positions as chairmen of FBN Holdings and FirstBank respectively, Mr Adeduntan, who represented the interest of a late Ibadan mogul and prominent shareholder, Arisekola Alao, was reinstated as the bank’s chief executive, according to people with knowledge of the matter.
